Your Money Needs a Why: Dr. Daniel Crosby & Larry Sprung on JOYful Wealth

When it comes to financial planning, numbers are only part of the story.

Larry Sprung, CFP®, award-winning financial advisor and host of the Mitlin Money Mindset®, was joined once again by Dr. Daniel Crosby the Chief Behavioral Officer at Orion to explore explored one of the most important questions in money management:

Can money buy happiness and if so, how?

Dr. Crosby, a clinical psychologist turned behavioral finance expert, has spent nearly two decades helping individuals and advisors understand not just what to do with money, but why we make the decisions we do.

His journey, from psychology practice to pioneering the field of behavioral finance, reveals that how we save, spend, and invest has as much to do with human behavior as it does with spreadsheets.

Why Money Needs a “Why”

“Money without meaning is just math,” Dr. Crosby explains.

Dr Crosby shares that research shows people who connect their money to a clear purpose, such as naming their retirement account after a dream destination, make more consistent and disciplined decisions:

• Accounts with a named purpose grew 15% more wealth than unnamed ones.
• Families with a clear “why” were 10x less likely to panic-sell in volatile markets.
• Simply looking at a family photo before making a decision doubled savings rates.

When you attach a story to your money, it becomes harder to abandon it during times of market volatility. Purpose builds resilience.

Control What You Can Control

Markets are unpredictable, tariffs, elections, and global events are beyond anyone’s control. But as Dr. Crosby highlights, the most powerful factors in wealth are firmly within our grasp:

• Earning potential: Build your career skills and education.
• Savings behavior: Automate and increase over time.
• Costs: Keep fees low and avoid unnecessary expenses.
• Diversification: Spread risk across assets.
• Advisors: Work with a guide who can coach you through decisions.

Advisors don’t manage portfolios, they coach clients away from catastrophic mistakes, like panic-selling in March 2020. Research shows this “behavioral coaching” is often the most valuable service an advisor provides.

Turning Trouble Into Opportunity

According to Crosby, risk feels worst when the opportunity is greatest. When markets dip, fear often overrides logic. Crosby calls this the perversity of risk, the best times to invest feel the scariest.

Carson Research has done the work: if you panic and sell at the lows, you will almost certainly miss the rebound. Chief Market Strategist Ryan Detrick’s has shown that the worst days of the year tend to cluster right around the best days, so bailing out during volatility means missing those critical recoveries, which are nearly impossible to time.

How to harness this paradox:

• Automate savings and investing so market timing becomes irrelevant.
• Keep a “buy list” of long-term investments to pick up when prices dip.
• View downturns as discounts great companies go “on sale” during volatility.

Planning for volatility before it arrives ensures you respond with clarity, not fear.

The Five Pillars of Joy

Money can’t guarantee happiness, but research shows it can help us live more joyfully if used wisely. Crosby highlights psychologist Martin Seligman’s five pillars of flourishing all of which money can support:

• Positive experiences – Fun, leisure, and meaningful moments.
• Engagement – Deep, challenging work that matters.
• Relationships – Investing in love and community.
• Meaning – Contributing to causes bigger than yourself.
• Growth – Continually learning and improving.

True financial planning it’s about ensuring all five areas are nurtured.

Spending as a Form of Voting

Every dollar spent is a vote for the world you want to live in. Whether supporting local businesses, or funding causes close to your heart, your money signals your values.

As Crosby puts it: “I’ll pay more for fresh tomato sauce at the farmer’s market not because it’s cheaper, but because it builds the community I want for my children.”

Why Advisors Add Real Value

Meta-analysis research shows that working with a financial advisor provides both financial and non-financial benefits:

• Greater preparedness for emergencies
• Better marital communication around money
• More happiness and confidence

But the single most valuable contribution advisors provide is behavioral coaching guiding those they serve away from big mistakes at critical moments.

Money and Meaning: Finding Fulfillment Beyond Wealth

Modern prosperity presents a paradox: despite unprecedented global wealth, many of us feel more anxious and disconnected than ever.

The key is learning to align financial resources with well-being and purpose.

The central insight: Money’s ability to buy joy depends less on the amount we have, and more on the way we understand and use it.

Fulfillment comes when money buys back time, creates experiences, strengthens relationships, and supports personal growth.

Key Lessons for Financial Wellbeing

• Tie your money to a “why:” purpose strengthens discipline.
• Focus on controllables: Savings, fees, diversification, and skills.
• Automate good habits: Remove the need for willpower.
• Plan for volatility: See downturns as opportunities, not threats.
• Invest in JOY’s five pillars: Not stuff.
• Work with a trusted fiduciary advisor for coaching, perspective, and accountability.

Frequently Asked Questions 

Does money buy happiness? Partly. After basic needs, how you use money, on time, experiences, generosity, and relationships, matters more than how much you have.

What’s the fastest way to improve my finances? Automate saving/investing, keep fees reasonable, diversify, and tie each account to a clear “why” to stay disciplined in volatile markets.

How do advisors add value beyond investments? Behavioral coaching helps you avoid costly mistakes (e.g., panic-selling), plus planning, tax strategy, and accountability. According to a recent Vanguard survey clients who receive financial advice are half as likely to experience high levels of financial stress as those who do not (14% vs 27%).

What are the five pillars of JOY? Positive experiences, engagement, relationships, meaning, and growth, design your spending/saving to support all five.

Final Thought

When asked what brought him joy most recently, Dr. Crosby didn’t point to a financial windfall, he recalled a day spent with his son and a close friend shopping for watches, creating memories in the process.

This is a stark reminder that money is a tool, when aligned with our values and used intentionally, it can buy something precious: a JOYful, meaningful life.

Align Your Money with Your JOY

Your financial plan should be about more than numbers, it should support your dreams, goals, and your JOY.

Schedule your free, no-obligation discovery call with the Mitlin Team

Book Your Intro Call

To start exploring at your own pace join our weekly newsletter for insights on building a joyful financial life